Amendment to Section 153C mandates transfer of seized assets to appropriate Assessing Officer, overriding sections 139-153.
Section 153C of the Income-tax Act was amended by the Finance Act, 2015, effective June 1, 2015. The amendment specifies that, notwithstanding sections 139, 147, 148, 149, 151, and 153, if the Assessing Officer determines that any seized or requisitioned money, bullion, jewellery, or valuable items belong to, or any seized books or documents pertain to a person other than the one mentioned in section 153A, these items must be handed over to the Assessing Officer with jurisdiction over that other person.
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